Cantargia: ‘Post-Novartis’ era has begun - Edison

Novartis’s Phase III CANOPY trials with canakinumab have created (until recently) strong tail winds for the class of therapeutics targeting the IL-1 axis, including Cantargia’s lead asset CAN04 (anti-IL1RAP). Two of the CANOPY trials did not meet primary endpoints this year, which was a significant contributor for Cantargia’s share price decline. However, canakinumab’s (anti-IL1β) development has a complicated history and the read-across to Cantargia’s CAN04 (anti-IL1RAP) is not straightforward, which we examine once again in this report. We make no changes to our fundamental assumptions, as we see CAN04 as clearly differentiated from canakinumab. Cantargia has released a solid set of initial efficacy data from its own trials and has expanded its R&D programme, which will provide catalysts over the next two years. Our valuation is virtually unchanged at SEK6.91n or SEK68.9/share.

Länk till analysen i sin helhet: https://www.edisongroup.com/wp-content/uploads/2021/11/Cantargia-%E2%80%98Post-Novartis-era-has-begun-2.pdf